Stock markets scale new heights on positive global cues

On the Sensex chart, Titan, SBI, L&T, IndusInd Bank, Ultratech Cement, HDFC Bank and Asian Paints were top gainers.

Extending gains for the fourth straight session, benchmark gauges Sensex and Nifty raced to new peaks on Monday in line with broad-based rallies in global equities.

The BSE benchmark Sensex settled up by 380.21 points or 0.81% at its all-time closing high of 47,353.75. The index also scaled its fresh record intra-day peak of 47,406.72.

The NSE Nifty ended 123.95 points or 0.90% up at new closing high of 13,873.20. It also touched its all-time intra-day high of 13,885.30.

On the Sensex chart, Titan, SBI, L&T, IndusInd Bank, Ultratech Cement, HDFC Bank and Asian Paints were top gainers.

While, HUL, Sun Pharma, Dr Reddy and Bajaj FinServ closed with losses.

Of the Sensex constituents, 26 stocks settled with gains and 4 with losses.

In the previous trading day on Thursday, the 30-share Sensex had surged 529.36 points or 1.14% to close at 46,973.54. The broader NSE Nifty had zoomed 148.15 points or 1.09% to 13,749.25.

Markets were closed on Friday on account of Christmas.

Elsewhere in Asia, bourses in Mainland China, Japan, South Korea, Hong Kong and other key markets ended with significant gains.

Investor sentiment globally was upbeat after the U.S. cleared a $2.3 trillion pandemic aid and the European Union and the U.K. struck a Brexit trade deal last week.

Meanwhile, the global oil benchmark Brent crude futures rose 1.25% to $51.94 per barrel.

Gold Prices Edge Lower After Moving Up On U.S. Stimulus

Gold prices are edging lower Monday morning as investors look to pick up riskier assets such as equities following U.S. President Donald Trump signing a coronavirus relief package and government spending package.

Gold prices initially reacted positively to news about signing of the relief package by Trump. However, prices came off higher levels as stock markets in Asia and Europe gained in strength, buoyed by U.S. stimulus news and reports about a post-Brexit trade deal between the European Union and the U.K.

A slightly weaker dollar limits gold’s weakness. The dollar index is down 0.1% at 90.22, after having slid to 89.98 earlier.

Gold futures for February fell to $1,881.10 an ounce before edging up slightly to $1,883.70 an ounce, gaining $0.50.

Despite its retreat from higher levels, gold manages to find support amid expectations the massive stimulus package will push up inflation.

On Sunday, U.S. President Donald Trump signed legislation for $900 billion in coronavirus economic aid and $1.4 trillion in government spending, providing support for millions of Americans and averting a government shutdown. He had earlier threatened to block the package.

“I am signing this bill to restore unemployment benefits, stop evictions, provide rental assistance, add money for PPP, return our airline workers back to work, add substantially more money for vaccine distribution, and much more,” Trump said in a statement.

Crude Oil Prices Move Higher

Crude oil prices are moderately higher Monday morning, as traders created fresh long positions after U.S. President Donald Trump signed a coronavirus aid and spending package.

Oil prices tumbled earlier amid persisting concerns about outlook for energy demand due to fears over a surge in coronavirus cases and possible tighter restrictions on business in several countries.

Volume of business, however, remains somewhat thin due to upcoming holidays.

West Texas Intermediate Crude oil futures for February are up $0.50 or 1.04% at $48.73 a barrel, coming off a low of $47.50 a barrel.

Brent crude futures are rising $0.40 or 0.78% at $51.74 a barrel.

On Sunday, U.S. President Donald Trump signed legislation for $900 billion in coronavirus economic aid and $1.4 trillion in government spending, providing support for millions of Americans and averting a government shutdown. He had earlier threatened to block the package.

“I am signing this bill to restore unemployment benefits, stop evictions, provide rental assistance, add money for PPP, return our airline workers back to work, add substantially more money for vaccine distribution, and much more,” Mr. Trump said in a statement.

Secoo Q3 Profit Down, But Stock Up In Pre-market Trading – Quick Facts

Secoo Holding Limited (SECO) reported that its net income attributable to ordinary shareholders for the third quarter of 2020 declined to RMB21.8 million or US$3.2 million from RMB60.9 million in the prior year. Net income per American depositary share were RMB0.30 or US$0.04 for the third quarter of 2020, compared to RMB1.17 in the previous year.

In Monday pre-market trade, SECO was trading at $2.67 up $0.22 or 8.98%.

Non-GAAP net income per ADS were RMB0.34 or US$0.05 for the third quarter of 2020, compared to RMB1.22 in the previous year.

Gross Merchandise Value or GMV for the third-quarter increased by 12.5% to RMB 4.12 billion or US$606.9 million, from RMB 3.66 billion last year.

Total revenues for the third quarter of 2020 was RMB1.37 billion or US$202.3 million compared to RMB1.94 billion in the third quarter of 2019, primarily attributable to the increase in the proportion of business contribution from its marketplace platform business that recognizes revenues on a net basis, and short supply of some luxury goods and delayed logistics services due to the impact of COVID-19 pandemic.

Concord Medical To Sell 90% Equity Interest In Concord Healthcare Singapore – Quick Facts

Chinese healthcare provider Concord Medical Services Holdings Ltd.(CCM) announced Monday that it has agreed to sell 90% equity interest in Concord Healthcare Singapore Pte Ltd, which operates and owns a general medical and surgical hospital, namely Concord International Hospital (CIH) for a total consideration of approximately SG$52.2 million.

The purchasers have taken over the management of CIH and Concord Medical has ceased control over the management of CIH since the closing date in November 2020. Concord Medical has requested the purchasers to complete the renaming of CIH within the next six months or sooner.

Concord Medical’s board of directors believes the transaction price reflects the fair market value of CIH based on a valuation report by an independent third-party appraisal company engaged by the Company.